Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,383/mo
Lowest payment- Down payment
- $56,961
- Funds due
- $67,911
- Interest + MI left
- $207,373
- First ends
- Jun 2050
Assumption
Assumption + second
$2,750/mo
+$367/mo- Down payment
- $20,961
- Funds due
- $33,243
- Interest + MI left
- $303,435
- First ends
- Jun 2050
New loan
New conventional
$2,958/mo
+$575/mo- Down payment
- $20,961
- Funds due
- $30,193
- Interest + MI left
- $556,042
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $342,939 | $342,939 | $378,939 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,785.69 | $1,785.69 | $2,567.06 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $281.68 | $281.68 | $75.79 |
| Taxes, insurance & HOA | $315.42 | $315.42 | $315.42 |
| Total housing payment | $2,382.79 | $2,749.63 | $2,958.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,961
Closing costs & prepaids$12,282
Usable credit−$0
Total buyer cash needed$33,243
Earnest money paid−$0
Remaining funds due$33,243
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$480.00
Initial HOA (3 months)$16.26
Prepaid interest, first (7 days)$230.19
Prepaid interest, second (7 days)$81.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing23 yr 6 moOf the original 30-year loan at 3.5%
Interest already paid$84,559Through Dec 2026
Assumption only · ends Jun 2050$207,373
Assumption + second · ends Jun 2050, second Jan 2057$303,435
New conventional · ends Jan 2057$556,042